I love looking at the different phases of entrepreneurship (I learned this from Alex Charfen and The Billionaire Code).
And today I want to share the shift in phases that’s currently happening with my business.
Over the previous few months, I’ve put a lot of energy into taking myself out of the day-to-day activities of my business (like, almost 100 percent). I’ve been putting all my effort into creating systems so I can hire executive members to my Team.
First, I hired an Operations Manager for the Ads Team. Her job is basically to take over my role of overseeing the day-to-day operations of the team. I also hired other roles, including multiple executive assistants.
What happened at the same time is that my margins decreased.
There comes a point in business when you have enough manpower inside your business to serve your client load, and your role becomes the manager of employees. That work is still very much involved in the day-to-day. (This is where I was.)
The next level is hiring operations and executive support to oversee the team and manage day-to-day support so you can move higher up and out of the daily activities. (This is where I’m at now.)
What naturally happens at this point is that your margins go down. You don’t need operations and executive help to fill your client load (you were doing that already); instead, you’re hiring out that help to free up your time. The margins will naturally decrease as your expenses go up.
Still it’s a strange experience: To free up my time, I’m paying more money to more people, and my margins have decreased about 10 percent.
This was an uncomfortable experience for me, until I realized…
Now I have my time back! I have time to work out and play with my kids, and I’m not pulled in too many different directions.
Our clients are also receiving even better service, because I have a Team in place to more effectively manage their accounts.
And here’s the thing: I can guarantee that too many entrepreneurs hold back from hiring this level of support, because it feels too uncomfortable.
And honestly, you can get by without it. You can make 6- or 7-figures without this level of support (I did!), but if you want to move past THAT, you’ll need to make some uncomfortable changes.
Right now, this is an investment for the future of my business.
And it feels huge, because in three years I’ve transitioned from a solopreneur (a VA making $18 per hour) to the CEO of a million-dollar business.
But here’s the thing: If I had chosen NOT to make this investment in my business right now, I would simply stay were I was. My business wouldn’t grow to even greater potential.
I believe that business is all about doing things that make you uncomfortable, no matter what level you’ve reached.
So I’m making the financial investment and enjoying some more time outside the day-to-day of my business.
WHAT CAN YOU DO? Evaluate your own business. Where do you need to invest in more support? Think about this, and start to make some changes to free up your time and energy (it’s been an incredible investment in my business already!).
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